ACChain is one of those blockchain networks that shocked many by the level of fraud it has done with investors. Scams, often known as “rug pulls,” have been around for a long time, and the crypto world has seen its fair share of them. In this ACChain review, we will discuss one such scam.
An Overview Of ACChain
ACChain is a cryptocurrency platform created with the goal of “asset digitization” in mind. Some of the key features of this cryptocurrency are
- Sophisticated ledger system (This platform employs a concept known as the “distributed general ledger subject.”)
- Multi-layer encryption (PBEF encryption modules)
- Bonuses (awarded by use of unique community voting mechanism)
- Easy and fast (no volume restrictions or time delays)
- New App development opportunities
How ACChain Is A scam?
So if this cryptocurrency has so many unique features, then what went wrong and the ACChain cryptocurrency ended up in the list of scam cryptocurrencies.
The ACChain shook the world with a huge scam project when A Reddit member going by the moniker of ‘slinterfence’ shared a picture of the ACChain office in Shenzen, China. Not your typical busy workplace with blockchain experts rushing about, but rather an empty office with not a ghost of a clue what was going on!
According to reports, the persons in charge of the operation left the office in February 2018. They were in so rush that they even left their computer behind. Three weeks following the mysterious disappearance, a group of ‘mafia-like’ thugs broke into the workplace and took all of the remaining things.
Investors have been duped out of nearly $60 million, with the majority of $40 million coming from ACChain plus Puyin and $20 million from BioLifeChain.
Who Is Behind The ACChain Scam Project?
Jia Wan, a Chinese cryptocurrency expert with approximately 9 years of experience, is the creator of AC Chain. But it is said that many of his team members were previously involved in other ICO scams.
It is very hard to determine whether the project is legit or a scam, but there are always some red flags in scam investment projects. So before going for investing in any cryptocurrency, make sure you have done your thorough research if you do not want to be unfortunate like the ACChain investors.